Eric Trump-advised Japanese bitcoin firm Metaplanet to vote on capital-raising plan

By Rocky Swift and Anton Bridge

Tokyo (Reuters) -eric Trump is expected to attend the shareholder meeting of the Japanese Bitcoin Treasury Company Metaplanet in Tokyo on Monday.

The second son of the president Eric Trump Donald TrumpIn March, he was selected as the Advisor of Metaplanet, which had more than $ 2 billion in Bitcoin, and his participation would follow a look at the Bitcoin Asian Conference in Hong Kong last week.

Eric Trump and his brother Donald Trump Jr. American Bitcoin, a crypto currency miner, aims to list this month at Nasdaq. Asher Genoot, CEO of the company, which currently has 80% of the American Bitcoin, said Eric Trump will participate in the Metaplanet event previously reported by Bloomberg.

Donald Trump promised that he would be able to develop the banking system and increase the dominance of the US dollar, saying that he would support the asset class.

Some businesses in areas such as crypto, which significantly contributed to Trump’s reserve, took advantage of the policy changes under the United States and invited criticism.

Metaplanet shareholders will vote for a plan that will sell up to 550 million new shares for 130.3 billion yen ($ 884.41 million) abroad, and most of the revenues will be spent to buy more Bitcoin.

Metaplanet refused to comment on Eric Trump’s participation in the meeting. For him, a representative did not respond to the request for comments.

Metaplanet, a hotel operator before, paid the crypto pivot generously. Compared to a 14% progress in Topix, his shares increased by about 760% in the last 12 months.

Earlier this year, Metaplanet appointed Eric Trump to a newly established advisor board and called him “the leading voice and advocate of the adoption of digital assets worldwide”.

The company, which was traded in the standard section of the Tokyo Stock Exchange, was previously known as Red Planet Japan and focused on hotel operations. Before that, he was wholesalers of music CDs.

Red Planet Hotels Japan, the company’s subsidiary, applied for bankruptcy in May 2024.

($ 1 = 147,3300 yen)

(Reporting by Rocky Swift; Editing by Malurikumar Ananthaman)